SEGINSIDER

The Definitive Checklist for Home Buying and Selling:

What to Expect Every Step of the Way

Buying or selling a home is a momentous occasion, but it can also be a stressful process filled with uncertainties. To help you navigate this complex journey, we've compiled a definitive checklist for both buyers and sellers. This comprehensive guide includes helpful tips on how to get started, how to get through the mortgage process, what to expect during the inspection period, and what steps need to be completed before the closing day.

FOR BOTH BUYERS & SELLERS

Prepare Financially

  • Buyers: Save up for a down payment, closing costs, and a cash reserve.

  • Sellers: Save up for a down payment, closing costs, and a cash reserve.

Research and Choose a Real Estate Agent

  • Both: Look for a reputable, experienced agent who knows the local real estate market very well. Most agents have specialties as in types of homes they work with, types of buyers or sellers they work with the most frequently. Match your needs to their specialty.

  • Buyers: Every agent will tell you they can get you your dream home. Ensure you work with an agent that focuses on private exclusives. These are homes that are for sale that are not yet on the MLS. This is super important in a competitive market.

  • Sellers: Many agents will claim they can get you over market value for your home and sell fast. Ask HOW! That is the key question. What is their method for getting top dollar in record time.

Understand the Market

  • Both: Study recent sales data, market trends, and local conditions to understand what to expect in terms of pricing and timing.

TIP!!

A good agent will understand the market. But the best agent will explain the key metrics to you - Avg Sales Price, Avg Time on Market, # of Homes on the Market, Comparative home data, etc.

The Top 1% Realty Team in Bergen County

It starts with one call.

We will learn about your goals. We will build a strategic plan. We will help you put the plan to action.

FOR BUYERS

  • Mortgage Pre-Approval

    Contact Multiple Lenders: Shop around for the best mortgage rates.

    Get Pre-Approved. This strengthens your negotiating position and helps you understand how much home you can afford.

  • House Hunting

    Create a Wishlist: List down all the features you need and want in your new home.

    Visit Multiple Properties: Take the time to view several homes to weigh your options.

  • Make an Offer

    Consult Your Agent: Your real estate agent will help you decide on an appropriate offer.

    Submit the Offer: Along with your pre-approval letter, submit your offer for the seller's consideration.

  • The Inspection Period from Buyers Perspective

    Hire a Home Inspector: Opt for a qualified inspector to identify potential issues.

    Review the Report: Decide whether you want to proceed, negotiate for repairs, or walk away.

  • Mortgage Approval and Appraisal

    Submit Required Documents: This typically includes W-2s, pay stubs, and bank statements.

    Home Appraisal: Your lender will arrange this to assess the home's value.

  • Closing Day!

    Final Walkthrough: Verify that the property is in the promised condition.

    Closing Costs: Prepare for closing costs, typically 2–5% of the home's price. Don't forget about Mansion Tax in NJ.

    Sign Documents: You'll need to sign various legal documents, after which you'll receive the keys to your new home.

FOR SELLERS

  • Get Market Ready

    Home Repairs: Fix any broken fixtures, leaking faucets, or cosmetic issues.

    Deep Clean: Make sure your home is sparkling clean for showings.

    Staging: Remove personal items like photos, and clear out clutter from closets to make spaces appear larger.

  • Listing and Marketing

    Set the Price: Consult with your agent to decide on a competitive but realistic listing price. Consider listing privately to test the market.

    High-Quality Photos: Use professional photos and possibly a virtual tour to present your home in the best light.

  • Showings and Open Houses

    Be Flexible: Allow potential buyers to view your home at various times.

    Leave During Showings: Buyers are more comfortable exploring the home without the seller present.

  • Review Offers and Negotiate

    Evaluate Offers: Consider not only the offer price but also the terms.

    Counter-Offers: Be prepared to negotiate.

  • The Inspection Period from Sellers Perspective

    Accommodate the Inspector: Make sure the home is accessible for the buyer's home inspector.

    Negotiate Repairs: You may need to negotiate with the buyer about repairs based on the inspection report.

  • Closing Day!

    Remove All Personal Items: The home should be move-in ready for the new owner.

    Final Walkthrough: The buyer will perform a final walkthrough to ensure the property is as promised. Check out our walkthrough checklist here.

Real estate isn’t about the singular transaction. It’s about helping your family build generational wealth.

Let's build your game plan for the future.

You're not alone. Whether you are a buyer or a seller, having a strategy to plan your next real estate endeavor is key to success - and we would love to share our expertise to ensure you win in the current market. We put our client's first and thats why we don't offer listing appointments or buyer consultations. We start with strategy first, understanding your unique situation, rather than selling you the features and benefits of hiring an agent. We want to help you build your long term real estate strategy and that starts with understanding your needs first and how to maximize value. To do that, you need to build a solid real estate strategy.

Get in touch today. We’re happy to discuss your unique housing situation and answer your questions—from the simplest inquiry to the most complex. Reach out and put your market worries to rest.

Client Care: (201) 500-2212

25 Washington Street, Tenafly NJ 07670

Stacy Esser Consulting LLC